Bush repeals steel tariffs -- finally!

Bush has finally repealed the steel tariffs he had imposed on imported steel twenty-one months ago.

These tariffs were a mistake from the very start. Protecting a dying, inefficient industry had a cost that was too high — for consumers of steel here in the US, and for myriad other export based industries which would have been hit by retaliatory tariffs. What’s more, the tariffs were largely ineffective.

For the umpteenth time, we’ve learnt that protectionism doesn’t work.

Posted by Vivek at December 7, 2003 12:55 PM